Paper checks are being transitioned to electronic images of checks
at a pace that is unprecedented. Check images are currently collected in two forms,
as substitute checks and as check images.
Substitute checks assist in evolving traditional paper check clearing
to image-based clearing. As a precursor to full check image exchange, the number of substitute
checks is a positive indication of the acceptance of image exchange.
More than 11.1 billion annual check payments totaling more than $14 trillion
per year have already moved from the traditional paper-based clearing process to improved image-based
processes.
On an average day during September 2007, 7,400 institutions received more than
30 million check images for posting. These total 7.6 billion checks per year.
This CheckImage Collaborative image clearing report reflects transactions
settled through the Federal Reserve, NCHA, SVPCO and local / regional exchanges. When the same
payments were cleared through two or more of these organizations, those payments were counted only once.
Data Sources for all Statistics:
Transaction settled through the Federal Reserve, NCHA and SVPCO with no duplicate counting.
